TMX Group Limited (X:CA) Presents at 25th Annual CIBC Eastern Institutional Investor Conference Transcript

TMX Group Limited ( X:CA ) 25th Annual CIBC Eastern Institutional Investor Conference September 24, 2026 4:00 PM EDT Company Participants David Arnold - Chief Financial Officer Conference Call Participants Scott Fletcher - CIBC Capital Markets, Research Division Presentation Scott Fletcher CIBC Capital Markets, Research Division All right. Good afternoon, everyone. My name is Scott Fletcher, and I cover the diversified financials for CIBC. And our next presentation is TMX Group. And joining us today is David Arnold. David, thanks for joining us today. David Arnold Chief Financial Officer Thanks, Scott. Pleased to see you in person. Question-and-Answer Session Scott Fletcher CIBC Capital Markets, Research Division Yes. So at CIBC, we just relaunched coverage of TMX relatively recently within the last month and looking forward to getting a chance to discuss the business today. So I want to start big picture. And over the last decade, TMX has really evolved into a broad market infrastructure business that crosses equities, derivatives, trading and clearing, market data, indexing, capital formation and corporate solutions, a lot under the hood now. So as you look across the organization today, where do you think that the evolution of the business is most visible? And then what do you see as the next steps on the TMX journey given you've got a lot now in place? David Arnold Chief Financial Officer There's a lot to unpack there, Scott. So let's start off on the first part. Like, I mean, we've -- you're right, we have evolved. The journey is not complete. We set out some long-term aspirational transformational measures. The first was really to have recurring revenue be about 2/3 of the revenue pie. We're not there yet, so there's a way to go there. We obviously were very, very much Canadian-centric, less of a global market infrastructure player. And so we really wanted to evolve to more of a global information business. And so we